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Clients who could have provided their incomes and should have been placed on a mainstream product could be compensated by being put back into the position they would have been in if they had not been placed on a self-cert mortgage. It is a ill -wind that blows nobody any good though,is it not Eddie?? When they do occur, they often involve firms mis-selling the cover with mortgage applications. The mortgage industry has seen a great deal of change over the last 20 years and remains an important and influencing sector within the UK economy. The Ombudsman has the power to direct a provider to pay compensation of up to €500,000. Home reversion plan. If an equity release/lifetime mortgage was sold to you before the equity release plan’s scheme minimum age (usually age 55, but in some cases age 60 or 65), it could have been mis-sold to you. A lifetime mortgage is when you borrow money secured against your home, provided it’s your main residence, while retaining ownership. Specialists in Mortgage Claims Need help with your claim? Do you act on behalf of an estate and suspect that an equity release mortgage entered into by the deceased may have been inappropriate? If the equity release mortgage taken was for more than 60% of the value of your home, then it could have been mis-sold. By Jo Thornhill Updated: 17:57 EST, 26 March 2011 . Have you been mis-sold life insurance with your mortgage? Neglect Assist can investigate and advise upon the level of loss suffered and may be able to represent you in a No Win No Fee claim. First thing to record that you have told a client looking to consolidate debt – “You don’t borrow money, you hire it. There are many breaches that constitute a missold mortgage but the fundamental question that a claimant needs to consider, is whether they were treated fairly by their adviser or lender. The daughter of an elderly man in care has said she faces eviction from her family home because the … Watch Queue Queue The FCA has also stated that the sale of equity release plans has been heavily commission driven in the past, which concerns them. There are alternatives to these types of agreements which may have provided the elderly homeowner or their families with a greater level of flexibility and security. Unfortunately, there is no straight-forward answer to this question. It has always been the responsibility of brokers and lenders to assess whether a mortgage is affordable for a client and this would be done by making sure that all the proper checks were carried out relating to the clients income and financial situation. Products we offer Lifetime Mortgage plan - Here you take out a secured loan based upon a percentage of the value of your property. No Win No Fee. http://www.telegraph.co.uk/finance/personalfinance/9602717/Woman-ruined-by-Spanish-property-price-collapse-wins-landmark-compensation-ruling.html. We can also help if the homeowner has since passed away as any potential claim can be brought on behalf of their estate by their appointed representatives. There are many instances when clearly a client could not afford the mortgage they were provided with. Let us know your plans. Good luck Eddie, Please can I have the link to last weeks article on mis selling of interest only mortgages. The minimum rate on this lifetime mortgage is 4.89% and the maximum rate is 10.14%. Thank you for the efficient and professional way in which you handled this matter. Advisers said the change would reduce the total cost of a typical £50,000 lifetime mortgage by nearly £2,000 over a 15-year period. Thank you so much for your professional help, I am very pleased with the outcome. Obligations of the Adviser or Sales Person for mis-sold Whole of Life Policy Correctly explain the product, its terms and costs Inform the consumer of the premium reviews (consumers can find themselves being asked to increase their premiums or accept reduced life cover at a time when they actually need it) Also as a result of decrease in house prices, clients in some cases are trapped with self-cert products on high rates as mortgage prisoners. We can still consider claims where this is the case. There are two main types of equity release: Lifetime mortgages have to be sold as part of an advised process. If they failed to do so, and you have suffered financial loss as a result, you may have grounds for a No Win, No Fee claim. Yes there is. Our biggest Endowment win with Standard Life is £9,297.05 Our average Endowment win with Standard Life is £2,458.67. I just found out that life insurance wasn't compulsory. 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